SECOND AMENDMENTEmployment Agreement Amendment |
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NYMEX HOLDINGS INC | NEW YORK MERCANTILE EXCHANGE, INC,. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.2
SECOND AMENDMENT
This is the Second Amendment to the Employment Agreement dated March 31, 2003 entered into by and between NYMEX HOLDINGS, INC. and NEW YORK MERCANTILE EXCHANGE, INC, which have their principal place of business at One North End Avenue, New York, New York 10282 (collectively, the "Company"), and SAMUEL GAER (the "Executive"), as subsequently amended by the First Amendment entered into by and between NYMEX HOLDINGS, INC. and NEW YORK MERCANTILE EXCHANGE, INC and EXECUTIVE, effective as of March 31, 2006 (collectively the “Agreement”).
Any capitalized terms used but not defined in this First Amendment shall have the meaning set forth in the Agreement.
This Second Amendment is effective this 17th day of November, 2006. Except as set forth herein, all provisions of the Agreement shall remain unchanged and in full force and effect.
Paragraph 3.4(b) of the Agreement as previously amended is hereby further amended as follows:
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3.4 |
Grant of Option. |
(b) If and when the Company completes an initial public offering or private placement of its equity securities, the Executive’s eligibility for, and the terms of, any equity grant shall be determined in accordance with the terms of the NYMEX Holdings, Inc. 2006 Long-Term Incentive Plan (“LTIP”) and the terms of any award agreement by and between the Company and the Executive entered in accordance with the terms of the LTIP, except as specifically provided herein.
Paragraph 4 of the Agreement is hereby amended as follows:
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4. |
Termination upon Death
or Disability. If the Executive
dies duri
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